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BCC: Slowing GDP Growth Will Require Forceful Policy Response

  • GDP growth in Q1 2016 slowed to 0.4%, down from 0.6% in Q4 2015
  • Services growth slowed to 0.6%, but manufacturing (-0.4%), total production (-0.4%) and construction (-0.9%) all fell

Commenting on the preliminary UK GDP figures for Q1 2016, published today by the ONS, David Kern, BCC Chief Economist, said:

“The slowdown in GDP growth is unsurprising given that structural issues at home have now combined with global headwinds to become a major dampening factor, as highlighted by the slowdown in services from 0.8% to 0.6%. Our own Quarterly Economic Survey shows that the economy is softening, and this is further proof.

“Services remain the main driver of UK economic growth, but firms are becoming more cautious before making long-term investment decisions.

“The government must remain focused on the task of boosting economic growth. We need more infrastructure investment and support for our exporters to create wealth and drive the economy forward.”

Last modified on Wednesday, 27 April 2016 11:43

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